National Bank Trust v Yurov & Ors

National Bank Trust v Yurov & Ors

The Court held that the 38% share of the Vestra Account is beneficially owned by Mr Belyaev, as the evidence did not rebut the presumption that depletion of the mixed fund occurred proportionally. The tracing analysis and the lack of convincing evidence of a contrary intention or agreement meant that the Bank's application for a final charging order succeeded. Relief under the Insolvency Act did not arise as the fund was not solely Mrs Belyaeva's in equity.

Parties
Claimant: National Bank Trust; Defendant: Ilya Yurov; Defendant: Sergey Belyaev; Defendant: Nikolay Fetisov; Defendant: Nataliya Yurova; Defendant: Irina Belyaeva; Defendant: Elena Pischulina
Jurisdiction
England and Wales
Judgment Date
05 June 2020
Procedural Posture
Commercial / Application for Charging Order and Variation/discharge of Worldwide Freezing Order
Outcome
Bank's application for final charging order granted; Mrs Belyaeva's application to vary/discharge the worldwide freezing order dismissed.
Legal Topics
Resulting Trusts, Tracing, Charging Orders, Worldwide Freezing Orders, Fraudulent Transfers, Enforcement of Judgments
Equity Trusts Insolvency Banking Law Resulting Trusts Tracing Charging Orders Worldwide Freezing Orders +2 more

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Parties

National Bank Trust

Claimant

Ilya Yurov

Defendant

Sergey Belyaev

Defendant

Nikolay Fetisov

Defendant

Nataliya Yurova

Defendant

Irina Belyaeva

Defendant

Elena Pischulina

Defendant

Procedural Posture

Commercial / Application for Charging Order and Variation/discharge of Worldwide Freezing Order

Legal Issues

  1. 1 Whether 38% of the remaining Vestra Account balance is beneficially owned by Mr Belyaev or Mrs Belyaeva
  2. 2 Whether relief should be granted under the Insolvency Act 1986 in respect of the 38%
  3. 3 Whether the interim charging order should be made final

Ratio Decidendi

The Court held that the 38% share of the Vestra Account is beneficially owned by Mr Belyaev, as the evidence did not rebut the presumption that depletion of the mixed fund occurred proportionally. The tracing analysis and the lack of convincing evidence of a contrary intention or agreement meant that the Bank's application for a final charging order succeeded. Relief under the Insolvency Act did not arise as the fund was not solely Mrs Belyaeva's in equity.

Court Disposition

Bank's application for final charging order granted; Mrs Belyaeva's application to vary/discharge the worldwide freezing order dismissed.

Orders

  • Final charging order granted over 38% of the Vestra Account balance in favour of the Bank.
  • Mrs Belyaeva's application to vary or discharge the Post-Judgment Worldwide Freezing Order dismissed.